Ex-Pimco Chief Hodge Changes Plea to Guilty in College Scandal
Ex-Pimco Chief Hodge Changes Plea to Guilty in College Scandal
(Bloomberg) -- Douglas Hodge, the former Pimco chief accused of using a middleman to cheat his kids’ way into elite colleges, pleaded guilty to fraud and money-laundering conspiracy charges, the first in a flurry of plea changes as the government’s prosecution of the U.S. college admissions scam gathers steam.
Hodge, who once led the giant bond manager Pacific Investment Management Co., was accused of bribing sports coaches at the University of Southern California and Georgetown University. He is one of 35 parents charged in the nationwide scandal and among 19 who pleaded not guilty after prosecutors announced the case in March.
In federal court in Boston on Monday, Hodge, 61, changed his plea to guilty, admitting to conspiracy to commit mail and wire fraud and honest-services mail and wire fraud as well as to money-laundering conspiracy.
The court set his sentencing for Jan. 22.
To contact the reporter on this story: Janelle Lawrence in New York at jlawrence62@bloomberg.net
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Peter Jeffrey
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